GENERAL: NZXR: Notice of Amendment to NZX Listing Rules

6 Aug 2010 6:15 pm

NZXR 06/08/2010 GENERAL

REL: 1815 HRS NZX Regulation

GENERAL: NZXR: Notice of Amendment to NZX Listing Rules

?6 August 2010

NZX Market Supervision ("NZXMS") hereby gives notice of amendment to the NZSX/NZDX Listing Rules and the NZAX Listing Rules (together being the "Rules") pursuant to Rule 1.3 of each of the Rules. This notice replaces the previous notice dated 25 June 2010.

The amendments relate to the introduction of NZX's new clearing and settlement system ("Settlement System").

The amendments will come into effect on the date NZX notifies to the market on which the Settlement System will become operative (the "Go-Live Date"). As the Go- Live Date is dependant on the receipt of necessary regulatory approvals, NZX will advise the market of the Go-Live Date, provided that it shall not be earlier than 20 Business Days after the date of this notice.

By implementing the Settlement System, NZX seeks to align New Zealand's clearing and settlement infrastructure with international best practice. This is intended to promote confidence and participation in New Zealand's capital markets. The Settlement System comprises a central counterparty clearing house ("Clearing House")(operated by New Zealand Clearing Limited) and a central securities depository ("Depository")(operated by New Zealand Depository Limited).

The amended Rules are dated 6 August 2010 and are in a form agreed with the Securities Commission and as submitted to the Minister of Commerce under section 36J of the Securities Markets Act 1988. The Rules can be found at www.nzx.com/market-supervision/rules/. We have also provided marked copies which show the differences between the amended Rules and the Rules provided with the notice dated 25 June 2010.

Broadly, the amendments are as follows:

1. FASTER and Delivery and Settlement Participants All references to the "FASTER System" have been replaced by the term "Settlement System". 2. Ex-Date The definition of Ex-Date has been amended to provide that it shall be the second Business Day before the Record Date for that entitlement, unless NZX determines otherwise.

3. Rights Issue Notice / Trading Period Rights issues will require Five Business Days notice prior to the Ex-Date.

Quotation of Rights will cease four Business Days before the closing date for acceptances and renunciations.

4. Corporate Actions Announcements Issuers will be required to provide information regarding the amount of foreign dividend payment credits per share and, in the case of PIE Issuers, excluded income per share, when notifying the market of corporate actions.

5. Share Purchase Plans Issuers will be able to issue further Equity Securities having a value of up to $15,000 per annum to existing holders of Equity Securities.

6. General A number of minor typographical amendments have been made to address minor typographical errors in the current versions of the Rules.

Further background information about the amendments can be found in the Consultation Memorandum - NZSX/ NZDX & NZAX Listing Rules - August 2009 also available at http://www.nzx.com/market-supervision/rules-consultation/.

Please note that all comparison and other documents provided to assist with understanding the changes to the Rules are intended as a guide only. Issuers must refer to each of the 6 August 2010 Rules to determine their rights and obligations under each of the Rules as amended.

ENDS. End CA:00198118 For:NZXR Type:GENERAL Time:2010-08-06:18:15:52

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